Gold slips to ₹1,58,928, silver down 0.85% as US-Iran tensions, crude surge weigh
Synopsis
Bullion's wobble isn't a trend reversal — it's a tug-of-war. Even with US-Iran tensions live and crude climbing, gold slipped ₹418 on MCX as elevated-rates anxiety briefly outweighed safe-haven demand. Watch the ₹1,60,000 breakout and the ₹2,68,000 silver ceiling: those levels, not headlines, will decide the next leg.
Key Takeaways
MCX August gold traded ₹418 lower at ₹1,58,928 per 10 grams , down 0.26 per cent on 3 June .
MCX July silver fell ₹2,257 or 0.85 per cent to ₹2,64,450 per kilogram .
Spot gold slipped to around $4,460 per ounce ; spot silver fell 1 per cent to $74.34 per ounce .
Trigger: escalating US-Iran tensions and rising crude oil prices stoking global inflation worries.
Key levels: gold breakout above ₹1,60,000 opens ₹1,62,000–1,63,000 ; silver resistance at ₹2,68,000 .
Gold and silver prices traded lower on Wednesday, 3 June, on the Multi Commodity Exchange (MCX), as escalating tensions between the United States and Iran coupled with a renewed surge in crude oil prices kept investors cautious on bullion. The pullback came even as both metals held near recent highs, reflecting persistent safe-haven demand against a volatile geopolitical backdrop.
Where prices stood
On the MCX, August gold futures were trading 0.26 per cent or ₹418 lower at ₹1,58,928 per 10 grams at around 12:10 pm. The yellow metal touched an intraday high of ₹1,59,740 and a low of ₹1,58,780, after opening the session at ₹1,59,447.
July silver futures slipped 0.85 per cent or ₹2,257 to ₹2,64,450 per kilogram. The white metal hit an intraday high of ₹2,67,495 and a low of ₹2,64,023, against an opening print of ₹2,66,668.
Global cues stay weak
International prices echoed the domestic softness. Spot gold traded 0.54 per cent lower at around $4,460 per ounce, while COMEX gold futures were down nearly 1 per cent at about $4,486 per ounce. Spot silver fell 1 per cent to $74.34 per ounce, with COMEX silver slipping more than 1 per cent to $74.47 per ounce.
Why investors are cautious
Market experts said sentiment was clouded by deepening geopolitical uncertainty in West Asia and the continued rally in crude. Fresh tensions emerged after the US military said attempted Iranian missile strikes targeting Bahrain, Kuwait and other regional locations were either intercepted or unsuccessful, even as diplomatic engagement between Washington and Tehran reportedly showed limited progress.
Rising crude prices have intensified concerns over global inflation, raising the prospect that major central banks may keep interest rates elevated for longer — a factor that typically weighs on non-yielding assets like gold.
Key technical levels
Commodity analysts said MCX gold continues to show resilience near the ₹1,59,000 mark despite intraday swings. A decisive breakout above ₹1,60,000 could push prices towards ₹1,62,000–1,63,000 per 10 grams, while support is seen around ₹1,58,400–1,58,000.
For silver, ₹2,68,000 remains a critical resistance, with a breakout potentially driving prices to ₹2,69,500–2,70,000 per kilogram. A sustained move below ₹2,65,000, however, could drag prices towards the ₹2,63,000–2,61,000 band.
What's next
Analysts believe the near-term trajectory for both metals will hinge on the evolution of the US-Iran standoff, the path of crude prices and broader global economic signals. Safe-haven demand, they argue, will continue to keep bullion volatile in the sessions ahead.
Point of View
US-Iran escalation and a crude rally should be jet fuel for bullion. The fact that gold and silver still slipped points to a second-order force at work: markets are quietly repricing the 'higher-for-longer' rate path that rising oil makes more likely. That tension — geopolitical bid versus rates drag — is the real story, not the day's ₹418 move. Until one side breaks, expect bullion to whip around technicals more than headlines.
NationPress
8 Aug 2026
Frequently Asked Questions
Why did gold and silver prices fall on 3 June?
Gold and silver slipped on the MCX despite live US-Iran tensions because rising crude oil prices revived fears of sticky global inflation and a longer high-interest-rate cycle, which weighs on non-yielding assets. MCX August gold ended ₹418 lower at ₹1,58,928 per 10 grams and July silver fell ₹2,257 to ₹2,64,450 per kilogram.
What is today's MCX gold and silver price?
MCX August gold futures traded at ₹1,58,928 per 10 grams, down 0.26 per cent, while July silver futures were at ₹2,64,450 per kilogram, down 0.85 per cent, as of around 12:10 pm on 3 June. Gold's intraday range was ₹1,58,780–₹1,59,740 and silver's was ₹2,64,023–₹2,67,495.
How are US-Iran tensions affecting bullion?
The US-Iran standoff is keeping safe-haven demand for gold and silver elevated, but the simultaneous surge in crude oil prices is creating an offsetting drag through inflation and rate-path concerns. Analysts expect this push-pull to keep precious metals volatile in the near term.
What are the key levels to watch for MCX gold and silver?
For MCX gold, a decisive breakout above ₹1,60,000 could open the way to ₹1,62,000–1,63,000 per 10 grams, with support seen at ₹1,58,400–1,58,000. For silver, ₹2,68,000 is the key resistance; a sustained break below ₹2,65,000 could drag prices to the ₹2,63,000–2,61,000 band.
What were international gold and silver prices on 3 June?
Spot gold traded around $4,460 per ounce, down 0.54 per cent, while COMEX gold futures fell nearly 1 per cent to about $4,486 per ounce. Spot silver dropped 1 per cent to $74.34 per ounce and COMEX silver slipped more than 1 per cent to $74.47 per ounce.
